The Global Nano and Micro Satellite Market is Expected to Grow With the CAGR of 23.9% During the Forecast Period 2016-2023: Occams Business Research & Consulting
INDORE, India, June 6, 2017 /PRNewswire/ --
Global nano & micro satellite market is valued at $1.08 billion in 2016. Increasing demand for nano & micro satellite due to cost effectiveness and light weight of satellites is boosting the growth in global nano & micro satellite market. Moreover, growing satellite launches across the globe for the development of various application such as earth observation & remote sensing, communication, technology, scientific and others that is adding meaning full growth in the market. North America is the leading region in the global nano & micro satellite market. Presence of key players such as Aerospace Corporation (US), Boeing Space Systems (US), Lockheed Martin Corporation (US), Sierra Nevada Corporation (US), Planet Labs Inc. (US), etc. in North America is adding growth in the North America nano & micro satellite market.
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Increasing satellite launch is boosting growth in the global market
Growing number of satellite launches is one of the key factors that is adding meaning full growth in the global nano & micro satellite market. According to nanosat.eu around 86 nanosatellites were launched across the globe which is expected to be around 94 launches by the end of 2017. Furthermore, nanosats has estimated that around 569 new nano satellites is expect to be launched by the end of 2017. Whereas, these number will gradually decline to around 216 nano satellites by the end of 2018, according to nanosats. The companies are looking forward for the development of new technology and increase the application of nano & micro satellites and to enhance the effectiveness of the satellites. According to nanosats, here are the few companies and their investment in CubeSat commercial constellations for the various applications are given below:
- Hera systems has invested around $4.2 million for the development of earth observation system with a mass of 12U that is expected to be launched by 2017.
- Sky & Space Global has invested around $11.5 million for the development of IoT, M2M, Voice system with a mass of 3U that is expected to launch by 2017.
- Kepler Communication has invested around $5 million for the development of IoT and M2M system that is of 3U mass which is expected to be launched by 2017.
- Astrocast (ELSE) has invested around $3.75 million to develop IoT and M2M system demonstration of mission will be done in Q4 of 2017 and 8 satellites is expected to launch by Q4 of 2018.
However, the Indian Space Research Organization is also about to launch its PSLV-XL C38 mission by June 2017. Moreover, according to National Aeronautics and Space Administration (NASA), in 2015, they have launched around 3 nano & micro satellite. In 2015, Planet Labs has attempted to launch more than 50 CubeSats. Thus, the growing launch attempts by the key players is adding meaning full growth in nano satellites and micro satellites market. According to National Aeronautics and Space Administration (NASA), the project level cost including reserves is around $13616K in 2015 out of which space aircraft cost around $1193K in 2015. Furthermore, according to National Aeronautics and Space Administration (NASA), it is estimated that around 3 to 4 new nano satellites by the end of 2018. According to National Aeronautics and Space Administration (NASA), by the end of 2020 there is a need of launching 2750 nano & micro satellite across the globe. The low cost of nano and micro satellite is one of the key factor that is increasing the use of nano & micro satellite. Hence the growing development and launching activity done by the players across the globe is boosting the growth in the global nano & micro satellites market. The companies are adopting various strategies such as partnership, agreement, collaboration, etc. to develop new technology in the global nano & micro satellite market. In 2017, South Korean Space Agency KARI and Thales Alenia Space entered into a contract agreement to supply a satnav overlay system to Korean Augmentation Satellite System (KASS). Furthermore, in 2015, Thales Alenia Space and Nanyang Technological University has joined their hands to develop nano satellite and micro satellite. Moreover, delay in launch is one of the biggest obstacle in the growth of the global nano & micro satellites market. Failure of the launch is the major concern which result in the delay of launch. November 2015; Failure of launch of Super Strypi that has resulted in loss of 51 (small, nano, & micro) satellites is one of the finest example of delay in launch. Hence, the delays in launch is the major obstacle in the global nano & micro satellite market.
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